Settlement Offers

I received letters from two different CA's today for two separate collections, both of which are on my credit reports as collections/charge offs. Both CA's are offering me settlements around 50% of the origional debt. Do I need to mail each CA asking for a DFP or is that part of the settlement they are offering?

Re: Settlement Offers

I received letters from two different CA's today for two separate collections, both of which are on my credit reports as collections/charge offs. Both CA's are offering me settlements around 50% of the origional debt. Do I need to mail each CA asking for a DFP or is that part of the settlement they are offering?

Thanks...

That's something you'll have to discuss with CA or you can share which CAs those are. Maybe someone will now if they do PDF or not.

Either way, if those are set to stay on your CR for a while, I'd see about getting PDF or negotiate a settlement amount so they can stop updating and bringing your scores down.

Re: Settlement Offers

LVNV isnt going to grant a PFD though you can try. ERC is more likely to be amenable to such.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

Re: Settlement Offers

Okay, so I have written the PFD letters and will be dropping them in the mail shortly. If the CA's mail me back and are not willing to do a PFD should I go ahead and settle and pay on the collections? If I do this what benefit if any will it have on my credit reports/scores?

Re: Settlement Offers

Okay, so I have written the PFD letters and will be dropping them in the mail shortly. If the CA's mail me back and are not willing to do a PFD should I go ahead and settle and pay on the collections? If I do this what benefit if any will it have on my credit reports/scores?

Thanks

Are they updating monthly?

How much longer do they have before they can no longer be reported on your CR?

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

Re: Settlement Offers

So whoever commented on this thread and informed you that LVNV will not delete for payment its NOT true. I just had success with them payment for delete, however i did sent request via certified mail, and ask PFD or i would bring case to court. They replied within week and ageed to delete upon paying in full.

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more about other FICO Score versions.

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.